
P6-18 The following data related to inventory for the year ended December 31, 2009. A physical inventory on December 31, 2009, indicates that 600 units are on hand and that they came from the July 1 purchase.
Date | Description | Number of Units | Cost per Unit | Total Cost |
1-Jan | Beginning inventory | 1,000 | 4 | 4,000 |
20-Feb | Purchase | 800 | 5 | 3,600 |
1-Apr | Purchase | 900 | 5 | 4,275 |
1-Jul | Purchase | 700 | 5 | 3,500 |
22-Oct | Purchase | 500 | 5 | 2,450 |
10-Dec | Purchase | 500 | 5 | 2,500 |
4,400 | 20,325 |
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specific identification
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